Get Ready to Beat the Rate Hikes

Last month Mark Carney warned that a base rate increase is likely towards the end of this year or very early in 2016. Although it’s expected to be a minor increase, it’s the general trend that home owners need to prepare for – it may be worth taking steps soon to get ahead of the game.

With lenders also expected to up interest rates on mortgages, making monthly mortgage payments more expensive, it makes sense to start looking for new fixed-rate deals before banks and building societies take action.

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Posted in First Time Buyers, Mortgages, Next Time Buyers, Remortgaging

New Demand for Interest-Only Mortgages

If you thought interest-only mortgages perished during the financial crisis, be prepared for a revival in this area of borrowing. But this time, banks have tightened their lending criteria, narrowing the amount of people who can use them.

Take Leeds Building Society for instance. It’s among the first of the lenders to return to interest-only, offering customers an option to only pay the interest on the loan, and pay off the rest of the capital at the end of the mortgage term.

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Posted in Mortgages, News, Next Time Buyers, Remortgaging

Mortgages For Company Directors ARE Possible

It’s become widely recognised that since tighter financial regulations came in, triggered by the economic crisis, securing a mortgage has become problematic in general. If you’re self-employed and working as a company director you face even more obstacles when looking for a lender.

No more self-certification

In the days before tighter rules, many self-employed people got self-certification mortgages, where lenders didn’t check their stated income. However, they became known as ‘liar loans’ due to instances of and potential for fraud, and were done away with, dashing the hopes of genuine applicants. A few years on and company directors continue to struggle to get a mortgage, even if they and their businesses are successful.

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Posted in Buy-to-let, Commercial Mortgages, First Time Buyers, Mortgages, Next Time Buyers, Remortgaging

Best Picks Of Low-Rate Mortgages

The great British summertime has finally arrived, bringing with it warmer days. But as our weather and BBQs heat up, mortgage rates continue to fall – even dipping below 1%. This is excellent news for borrowers who plan to spend summer searching for deals.

The Bank of England and the Financial Conduct Authority (FCA) reported that in the first quarter of this year, the average rate was 3.01% – a drop of 0.25% recorded at the end of 2014. Since then however, more lenders have announced much lower rates.

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Posted in Buy-to-let, First Time Buyers, Mortgages, News, Next Time Buyers, Remortgaging

Time To Review Older Mortgage Applications?

As the campaign juggernaut continues to roll towards election day on May 7th, we have noticed an election promise that may have slipped under the radar of many voters, but it got us thinking.

The Conservative party says if it wins, it’ll appoint a minister to help stop mortgage lenders discriminating against older borrowers. Whatever your politics, it’s an issue that seems to be bubbling to the surface with more older borrowers looking to buy homes, but who face rejection by lenders.

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Posted in Buy-to-let, First Time Buyers, Mortgages, Next Time Buyers, Remortgaging